Technical analysis of USD/JPY 08/04/2021
USD/JPY currency pair is developing a downward movement within the medium-term correction on the 4H timeframe. The pair is currently trading at the support level of 109.00.
The technical picture suggests a rebound from this level to the area of 109.50, after what the pair resumes to the support of 108.00 (38.2% Fib).
Cancellation of the option of the decline development after the rebound will be the growth of the pair above 110.00 (the upper line of the descending channel) and (MA100), what will indicate a possible continuation of the growth of the pair above the resistance of 110.50 – 110.70.
Created by Joshua Hayn